PG&E rises as insurance fund proposed; Ensco, Rowan lower as merger finalized

By James McCandless

San Antonio, April 11 – News in several sectors, namely energy and retail, drove activity in the distressed space on Thursday.

PG&E Corp.’s notes were on the rise as California’s governor proposed an insurance fund for wildfire liabilities.

In oil and gas, Ensco plc’s and Rowan Cos. plc’s issues declined after their anticipated merger was finalized.

With oil futures falling in the session, Halcon Resources Corp.’s paper followed suit while California Resources Corp.’s notes finished mixed.

Helicopter name Bristow Group Inc.’s issues were similarly under pressure.

Meanwhile, Rite Aid Corp.’s paper moved in various directions after the release of a lukewarm earnings report.

Sector peer Bed Bath & Beyond, Inc.’s notes traded down despite beating earnings estimates.

Hexion, Inc.’s issues were mixed as it hammered out the details of its DIP financing.

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